San Diego Real Estate Blog

San Diego Is The 7th Most Searched Real Estate Market!

In an effort to continue bringing good news the San Diego real estate market, I am very pleased to report that San Diego ranked as the 7th most searched real estate market by buyers and sellers online.  This is a great accomplishment and proves the strength of the San Diego housing market.  There is no denying that we are in one of the world's most desirable places to live and demand in San Diego continues to be strong compared to other parts of the country.

While many real estate markets in 2010 experienced extraordinary highs and lows in response to tax credits, low interest rates and price swings, consumer interest in some markets was consistently strong.  Las Vegas and Los Angeles came in as the initial and second most searched markets every month in 2010, while Orlando, San Antonio and Miami vied as the third, fourth and fifth most searched cities respectively. Phoenix, San Diego, Austin, Tampa and Chicago, in that order, held the sixth through tenth positions as the most...

Real Estate Update

Pending home sales rose again in November 2010, with the trend over the past five months indicating a gradual recovery into 2011, according to the National Association of REALTORS. The Pending Home Sales Index, rose 3.5% based on contracts signed in November.  This is a great forward looking indicator because a large percentage of those homes will close escrow in the coming months.  In fact, it really is a lot better of an indicator of the economy's future direction than actual homes sales. It seems like San Diego home buyers that are taking advantage of the currently advantageous conditions are going to be very happy with their decision.

Lawrence Yun, NAR chief economist, said historically high housing affordability is boosting sales activity. In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market, he said.

If we add 2 million jobs as expected in 2011, and mortgage rates rise only moderately, we should...

Three Questions To Ask when Buying A Condo

Buying a condo comes with a few unique points of due diligence that you must perform.  If you do not know the right questions to ask you may be in for an unpleasant surprise during the course of your transaction or later down the road should you need to sell it.  Hopefully you are working with a real estate agent that advices you to do the following:

  • Check the owner occupancy rate of the condo complex.  This is going to have a direct impact on you in multiple ways.  The first will be when you are trying to get a loan.  Most lenders will not lend on a condo complex with an owner occupancy rate under 50%.  This means more than 50% of the people living in the complex are renters.  Lenders view this as being a riskier investment and they are hesitant to lend.  Or they will lend but they will require higher down payment amounts, which you may or may not be able to meet.  Now let's assume that you are able to secure financing through a higher down payment amount or that you are a cash...

New Study Shines Light On San Diego Housing Market

In an effort to bring more good news to San Diego property, and help bring others off the fence, I want to si-si-highlight a new study recently released by Fannie Mae.  It finds that  the majority of Americans, including those that currently own and those who are renting, do indeed aspire to be home owners.

However, recent trends such as people marrying at a later age and having less children is allowing people to feel comfortable with renting for a longer period of time.  It also causes people to have fewer home purchases over their lifetime. Nevertheless, the value of homeownership is not lost on Americans.

The Fannie Mae 2010 Own-Rent Analysis is based on extensive primary research with property owners and renters.  The study aims to  explores the aspects influencing consumers’ decisions to buy or rent a home.According to the study, 51% of current owners and renters say that the housing crisis has not affected their overall willingness to purchase a home. Considering what happened...

San Diego Short Sales Just Got Easier

Here is a piece of good news for everyone.  San Diego loan servicers taking part in the Home Affordable Foreclosure Alternatives Program (HAFA) are going to soon be held to stricter timelines for approving or rejecting short sales.  Furthermore, they will also be given more freedom to pay off second-lien holders.

This comes as a great relief to anyone that has experienced trying to buy a San Diego short sale only to find out that the process can take an indefinite amount of time.

To illustrate the point, I represent a buyer who is closing escrow today on a condo in Downtown San Diego (January 11, 2011) who made an offer and opened escrow back in May of 2010.  The property has actually been in and out of escrow for two years as a result of buyers less patient than mine abandoning the deal out of frustration.  That not only led to an excurciatingly long process for everyone involved but the bank also ended up netting less money as the price of the condo fell further over the two year period. ...

Five Tips For San Diego First Time Home Buyers

The present San Diego real estate market provides several distinctive opportunities for first-time home buyers. From low interest rates to foreclosed properties and short sales, the current economic environment is creating a fresh wave of San Diego home buyers that may not have previously considered the possibility.

Many first-time home buyers may not be aware of the numerous elements involved in the home-buying process. Being a Member of the Top 5 in Real Estate Network®, I am aware of the likely pitfalls that may possibly trip up new potential buyers along the way. Here are 5 si-highlight--primary recommendations for you when buying a new home.

1. Investigation: Do your homework before you buy and be sure to review the closing statistics of similar homes in the neighborhoods you are considering. Search the internet, including the San Diego MLS and social media internet sites, in order to get as much critical information as possible...

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